Forex Suggest: The UAE in the top of crypto-ready countries

    UAE ranks 4th among the most crypto-ready countries, while Hong Kong takes 1th place. The US and Switzerland follow Hong Kong, taking the 2nd and 3rd spots, respectively. Hong Kong also ranks 3rd among the countries with the most crypto ATMs per 100,000 people.

    Hong Kong, the USA, Switzerland, and the UAE rank high among the readiest for cryptocurrency adoption, a Forex Suggest study showed.

    (Source: Forex Suggest)

    According to the study, Hong Kong and the UAE take the first and fourth seats, with crypto-readiness scores of 8.6 and 6.2, respectively, among the top 19 most cryptocurrency-ready countries.

    Among the four main criteria of the study, Forex Suggest considered the number of cryptocurrency ATMs, the number of blockchain startups, cryptocurrency tax and legislation, and high interest in digital assets.

    The best-positioned nation in the study, Hong Kong ranks 3rd in the countries with the most cryptocurrency ATMs per 100,000 people. With two machines per 100,000 people, or 149 in total, the “Fragrant Harbour” is Asia’s capital for crypto ATMs.

    Moreover, the study finds Hong Kong in the top spot for the lowest cryptocurrency taxes, along with Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey. Notably, cryptocurrencies are regarded as virtual commodities, not currency, in Hong Kong – exempting these digital assets from capital gains taxes.

    (Source: Forex Suggest)

    As for blockchain startups, Hong Kong has 3 per 100,000. Hong Kong’s status as an Asian financial hub has made it easier for the development of blockchain technologies like the Tether stablecoin.

    Meantime, the UAE shares the 4th spot with 3 other nations – Romania, Georgia, and Croatia.

    Also, the Middle East country ranks 3rd among the countries with the most blockchain startups, logging two per 100,000 people.

    “The UAE has some of the most forward-thinking entrepreneurs when it comes to financial technology,” the study stated.

    (Source: Forex Suggest)

    More to the study, the United States follows Hong Kong in second, with a score of 7.7, while Switzerland sits third with a close 7.5 crypto readiness score.

    This year, the UAE declared that it aims to become a global crypto hub with its aggressive push to explore digital assets and related technology such as NFTs and the metaverse.

    Image Source: Forex Suggest

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